Well folks it looks like the second quarter of the 2015 Housing Market of Canada will remain stable. According to CMHC experts, although generally the market will be stable, there are risks and vulnerabilities.
Lower oil prices are a current contributor to some of the impact made in housing resale. While provinces like Alberta are experiencing a rise in housing prices, provinces like Ontario and British Columbia are balancing statistics with lower pricing. Bob Dugan, Chief Economist for CMHC also states that the lower Canadian dollar will also contribute to lower mortgage rates.
“Annually, housing is expected to range from 166,540 and 188,580 units in 2015, with a point forecast of 181,618 units. For 2016, housing may range from 162,840 units to 190,830 units, with a point forecast of 181,800 units.
MLS sales are expected to range between 437,100 and 494,500 units in 2015, with a point forecast of 475,400 units. In 2016, MLS® sales are forecast to range from 424,500 units to 491,300 units, with a point forecast of 469,000 units.”
It is also foreseen that finally, the rate of new home construction should dissipate to a moderate level as builders maintain existing structures.
Specifically within Ottawa, the average price of an absorbed single-detached home has increased by approximately $4000.